McLean Mortgage Corporation
RateFlexSM
One of the most stressful decisions someone has to make when purchasing a home is when to lock in an interest rate on their new mortgage.
At McLean Mortgage Corporation we provide competitive rate quotes, and also provide an option designed to make the decision easier and less stressful.
Typically a mortgage company provides two options:
Lock in your interest rate
This means you are protected against future rate increases as long as you close on time. However, you cannot benefit if rates go down after you lock in your rate. You are stuck with the initial rate.
OR
Float your interest rate
This means your rate can “float” up or down with the prevailing rates until you close. In other words, if you are lucky and rates go down before settlement, you get the benefit of the lower rate. But, if the rates increase, those higher rates can increase your monthly payment.
Our RateFlex℠ Program provides a great mix of both options!
How it Works
With RateFlex℠, we have combined the best of both options. You get the standard rate lock, which protects you against rising rates after you sign your purchase contract. But we then go one step further by allowing you to re-lock your rate lower if rates go down. You can re-lock any time after your loan is approved and up to one week before closing.
This takes the stress out of the decision. You get the safety of a lock and can get a lower rate if the market improves.
